Following weeks of negotiation the German government is taking a 20% equity stake in Lufthansa as part of a €9 billion bailout of the carrier by the country’s Economic Stabilization Fund (WSF). The WSF will pay €300m for its stake in Lufthansa, which will rise to 25% in the event of a missed interest payment or a takeover attempt on the carrier, with existing investors diluted. Additionally the German government will take a “silent participation” of up to  €5.7 billion in Lufthansa which won’t entail any voting rights. This equity investment carries an initial coupon of 4% that rises to

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